Market Research Future (MRFR), a leading publisher of business market research report has revealed that the global Carcinoembryonic Antigen (CEA) market is expected to grow by 6.7% during the year 2017 to 2023. CEA is a group of highly related glycoproteins that are formed at the time of fetal developmental stages by the gastrointestinal tissues. CEA is involved in cell adhesion and their production stops before birth.
In healthy adults, the CEA concentration is very very low. But if a person smokes or suffers from breast cancer, colorectal cancer, then CEA concentration increases in the body. That is why CEA based diagnosis is done to detect such type of cancers. In the year 2017, the studies carried out by National Center for Biotechnology Information (NCBI) suggested that the diagnosis of colorectal cancer will get increased by 60% and this will lead to 2.2 million new patients suffering from cancer and out of them, by the year 2030, around 1.1 million would have died. Hence, what this will do is it will increase the demand for colorectal diagnosis thus propelling the growth of CEA market.
The global CEA market will get a big boost during 2017-2023 due to the rising healthcare expenditures, increasing cancer patients and development of diagnostic technologies. But the main hindrance of this market growth during the assessment period will be the risk of infection and hematoma as well as the lack of medical services and awareness in the developing countries. Now, coming to the global share of CEA market, the Americas, which include both the U.S. and Canada, account for the largest share in the CEA market. As per the MRFR report, the increasing prevalence of cancer along with an upsurge in healthcare expenditure in those regions will give a boost to the CEA market growth during the assessment period.
The MRFR reported that Europe is the second highest revenue generating region in the global CEA market and the market will get boosted due to the predominance of cancer patients, fast adaptation of new diagnostic technologies and most importantly the presence of developed countries like the U.K. and Germany. According to MRFR report, the Asian Pacific region is expected to grow the fastest due to the developing medical infrastructure, upsurge in healthcare expenditure and the enhancement of government initiatives.